Innovation Asset Blog

GE announces plans to invest $2 billion in Chinese innovation

In an effort to expand its global operations, General Electric has announced plans to invest $2 billion to promote innovation, entrepreneurship and partner development in China.

According to a statement released by GE on Tuesday, approximately $500 billion will be vested in research and development and new innovation, while the remaining $1.5 billion will be allocated to new Chinese tech ventures.

GE Chairman and CEO Jeff Immelt asserts that the investment in China will also help the United States, as the two nations share many economic interests.

"China is the world's fastest-growing market for aviation, energy, transportation, healthcare and financial services," said Immelt. "The commitments we are announcing today will bring GE's technology and innovation strengths to help meet these growth challenges in China. These initiatives will create jobs in both China and the United States."

The report comes a day after Jeff Rice took over as head of global operations at GE. Already, Rice has announced intentions to promote innovation R&D within emerging tech markets in countries and regions such as China, the Middle East, India and Brazil.

In addition to GE's investment in China, President Barack Obama pledged this week to promote innovation and technological development in India during his trip to the country, adding that the relationship between the world's two largest democracies "will be one of the defining partnerships of the 21st century."